Member Newsletter

Requesting a Cost to Buy Service Just Got Easier

If you’re eligible to buy service to add to your OMERS pension, we’re happy to report that requesting a service purchase cost will be simpler starting September 26, 2011, thanks to our new streamlined process.

We’ll provide you with the cost to buy your past service, give you time to review your options, and if you decide you want to go ahead with the purchase, then we’ll get you to complete the paperwork.

The recommended way to request a cost to buy service:

Buy-back Calculator on myOMERS secure site: Enter your information and we’ll calculate the cost of the service purchase with data from your file. A cost package will be sent to your myOMERS account and will include: a summary of your cost to buy the service and the resulting increase in your pension; information about your payment options and next steps; the forms you need to complete the purchase.

Important! You can only have one cost at a time in myOMERS. The buy-back cost expires after six months. If you have new information that might affect your cost (e.g., less service than you originally thought), you can contact OMERS Client Services to request a new cost package.

Not on myOMERS? Not to worry... phone OMERS Client Services – we’re here to help. We’ll help with your request and mail the cost package to you. Phone 1-800-387-0813. Please have your OMERS membership number handy when you call.

The cost will depend on the amount of service and when it occurred.

Refunded service with a former employer’s pension plan can easily be included in your cost request. Proof of this service is required only if you choose to buy the service.

The rules for buying service do not change, such as the types of purchasable service.

If eligible service is added to your record and it is purchasable, a buy-back cost will be automatically generated and sent to you.

You may be able to buy service you had in a private sector employer’s pension plan and convert it to OMERS credited service. We offer a payment plan and different payment options as well. Read more.